Russia’s oil major Rosneft on Wednesday signed with Indian state run oil companies to sell stakes in its two oil assets in Siberia for around $4.2 billion. IOC,Oil India and a unit of Bharat Petroleum Corp Ltd (BPCL) signed sale purchase agreement (SPA) for 29.9 per cent stake in Tass-Yuriakh oil-field from Russia’s Rosneft for $1.28 billion. The acquisition is subject to relevant board government and regulatory approvals and is expected to close by September 2016.
Rosneft Oil Company holds 80 per cent shares while BP PLC (UK) hold 20 per cent shares through their respective subsidiaries. It is currently producing 20,000 bopd with expected peak production of 1,00,000 bopd by 2021. In addition a Heads of Agreement was signed for evaluation of acquisition of 23.9 per cent in the CJSC Vankorneft by the consortium of IOCL, OIL Company for just $2 billion.
